Tax avoidance promoter fined

Tax avoidance promoter fined £1m

Tax avoidance promoter fined £1m A tax avoidance scheme promoter has been hit with a £1,074,600 fine after a legal challenge by HMRC.    The business was handed a near maximum allowed fine by the First Tier Tribunal (FTT) for failing to disclose an avoidance scheme to HMRC as legally required. They promoted a disguised…

CGT rules for divorcing couples

CGT rules for divorcing couples

CGT rules for divorcing couples The government is changing the CGT rules for divorcing couples so they no longer need to settle their estates within a year and face capital gains tax bills   This measure makes changes to the CGT rules that apply to transfers of assets between spouses and civil partners who are…

Recovery loan scheme extended for 2 years

Recovery loan scheme extended for 2 years

Recovery loan scheme extended for 2 years The government has extended the Recovery Loan Scheme for small businesses for a further two years but has added a requirement for a personal guarantee from borrowers The recovery loan scheme, originally launched in April 2021, has supported almost 19,000 businesses with an average of £202,000 in support.…

VAT on commissions and referral fees

VAT on commissions and referral fees

VAT on commissions and referral fees Should VAT be charged on commissions or mortgage referral fees? If you act as an independent financial adviser and perform a range of services, such as financial health checks, mortgage referral services, and investment advice. What VAT obligations do these services have? Should commissions and mortgage referral fees be…

VAT accounting simplification

VAT accounting simplification

VAT simplification scheme Once a business is registered for VAT, there are a number of VAT accounting simplifications that can help ease the burden of VAT accounting. VAT accounting Perhaps it is necessary to explore simplifications before discussing how the business accounts for VAT. If a company can deduct all the VAT it pays on…

P11d on Air miles

P11D on air miles

Air Miles: P11-D & BIK implication Table of Contents Would airmiles be classed as a benefit in kind (BIK)? In a limited company, it is quite common for directors and the employees to have company credit cards that they use to purchase goods on behalf of the company. The company credit card generates air miles.…